Did a search in this subforum but, to my surprise, I only got 1 hit on REO. I'm looking to put an offer in on a REO that's owned by Chase (nobody get excited, it's pretty far from Irvine 
). The wife and I saw the place today. It needs work but the bones are good.
More info:
Bank bought it back for just over $800k in October
Listing agent says it has been available for a few months, but popped up on Redfin only this month
Listing agent says there is 1 other offer on the place
Curiously, the previous owners trashed the place, but seemingly without very much resolve
Some things are missing...faucets, disposal (YUCK!), trash compactor, kitchen drawers, etc.
There are electrical issues. Some outlets don't work and it looks like some wires have been ripped out of conduits in spite.
I'm mostly concerned about verifying plumbing drain lines, making sure they're not maliciously clogged. Can't do that with the water turned off. I think this is low risk though, since the rest of the house is mostly intact.
Any tips/advice from those who have been down this path? Do my odds increase by having the selling agent write the offer? (I assume so, if only slightly). What's the likely incentive offered to the agents by the bank? How about the loan--am I better off going through Chase? I see some very attractive rates on amerisave.com, and I know people who have used them with success. Given that the property has already gone through foreclosure and that the bank owns it, do I need to worry about liens, title issue and the like? How do I CMA on a REO? Should I look to hire a RE attorney or pay a realtor an hourly rate for guidance?
TIA!
). The wife and I saw the place today. It needs work but the bones are good. More info:
Bank bought it back for just over $800k in October
Listing agent says it has been available for a few months, but popped up on Redfin only this month
Listing agent says there is 1 other offer on the place
Curiously, the previous owners trashed the place, but seemingly without very much resolve
Some things are missing...faucets, disposal (YUCK!), trash compactor, kitchen drawers, etc.
There are electrical issues. Some outlets don't work and it looks like some wires have been ripped out of conduits in spite.
I'm mostly concerned about verifying plumbing drain lines, making sure they're not maliciously clogged. Can't do that with the water turned off. I think this is low risk though, since the rest of the house is mostly intact.
Any tips/advice from those who have been down this path? Do my odds increase by having the selling agent write the offer? (I assume so, if only slightly). What's the likely incentive offered to the agents by the bank? How about the loan--am I better off going through Chase? I see some very attractive rates on amerisave.com, and I know people who have used them with success. Given that the property has already gone through foreclosure and that the bank owns it, do I need to worry about liens, title issue and the like? How do I CMA on a REO? Should I look to hire a RE attorney or pay a realtor an hourly rate for guidance?
TIA!
